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Business hails govt on multi-currency system tenure extension


The local business community has hailed President  Emmerson Mnangagwa  administration for the extension of the multi-currency system tenure until 2030 to inspire confidence in the market.

It comes after Mnangagwa two weeks ago said he was going to replace the multi-currency system by 2025, leaving  the Zimbabwe dollar as the only legal tender and the  move was not going to be reversed.
But after  a lot of consultation with the business , Mnangagwa extended the life of the multi-currency to 2030 on Friday by enacting Statutory Instrument (SI) 218 of 2023.
The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu told this publication that multi-currency system extension is expected to give businesses assurances to work hard and plan ahead as well as look for ways to help the country achieve the Upper Middle Income Economy by 2030.
“We are happy that HE Dr Mnangagwa is a listening President who heeded to our multi-currency system tenure extension call to achieve high Gross Domestic Product growth,” Mutashu said.
“With these successful engagements with the government under the astute and visionary leadership of Dr ED Mnangagwa, we look forward to future collaborations as we move ahead to build our nation together,” he said.
Mutashu said  through the engagements with the government, policy frameworks can be changed for the betterment of the business and the economy at large and looks forward to more candid discussions with the authorities to achieve national growth.
The financial institutions, which have cut mortgages due to uncertainties sorrounding the multi-currency system, have reassured the market that they will now extend long term loans to ramp up production and stimulate economic growth.

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